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Off-market Foreclosed Homes Choke Supply

miamitodaynews.comJuly 11, 2013

By Scott Blake

In May, sales of homes in foreclosure and short sales of financially distressed properties in Miami-Dade County accounted for 40% of all single-family homes resales and 35% of all condominium and townhouse resales, according to statistics from the Miami Association of Realtors.

"We have a substantial amount that are occupied," Ms. Mendez says. "We're babysitting them, so to speak," while the process plays out.

Of the 1,216 closed sales of single-family homes in Miami-Dade in May, 208 were foreclosure sales and 278 were short sales. And of the 1,672 closed sales of condominiums and townhouses in Miami-Dade in May, 319 were foreclosure sales and 267 were short sales, Miami Association of Realtors statistics show.

The statistics also show that the number of non-distressed sales rose in Miami-Dade in both the single-family and condo/townhouse markets in May compared with a year earlier.

Meanwhile, the number of foreclosure sales in both market segments dropped in May from a year earlier. And the number of short sales decreased in the condo/townhouse segment but increased in the single-family home segment, statistics show.

"The banks are becoming more agreeable to short sales," Mr. Shuffield says.

"A lot of [distressed properties] are being sold to institutional investors," he adds. "They're buying foreclosed properties. They're buying regular properties. They can rent the properties for three to five years and let them appreciate before selling them."

Overall, the current trends are mainly positive for sellers, since non-distressed properties fetch much higher prices.

In May, for example, the median resale price of a non-distressed condo or townhouse in Miami-Dade was $265,000, while the median resale price of a unit in foreclosure was just $96,580, and was just $101,500 for a short sale, according to the Miami Association of Realtors.

According to RealtyTrac, the number of residential properties that received a foreclosure filing in Miami-Dade rose 19% in May compared with April and was 78% higher than in May 2012. Some of the area's highest foreclosure filing rates were in Homestead, Opa-locka and Hialeah.

Meanwhile, according to Mr. Shuffield, the worst of the real estate crash has passed in more affluent areas such as the Brickell section of downtown Miami. Of 860 properties recently listed for sale in Brickell, he says, only 36 were listed as distressed.

 

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